Base price for the 6th Iron ore e-auction in Goa which is scheduled for May 19, is out. Instead of 1.03 MnT Iron ore in 57 lots, DMG (Govt. of Goa) will now offer 0.99 MnT (999,710 MT) Iron ore in 56 lots.
For tomorrow’s e-auction, the base price of Fe 57% Iron ore fines has enhanced by INR 100/MT. Fe 65% Iron ore lump went up by INR 170/MT and Fe 48% lump by INR 70/MT.
The maximum quantity offered in Iron ore fines contains Fe 59% and a single lot for lumps is of Fe 61 %. 0.25 MnT Iron ore lumps (Fe 48-61%), 0.68 MnT fines (Fe 45 59%) and 0.07 MnT of Fe 54% material (fines/lump), stocked at mines head, plant, jetty and processing plant, is offered for sale.
The base price for Fe 45-50% Iron ore fines is INR 500-600/MT, Fe 51-55% is INR 500-700/MT and Fe 56-60% is INR 500-830/MT. While, the base price for Fe 45-50% Iron ore Lump is INR 500-630/MT, Fe 51-55% is INR 500-830/MT, Fe 56-60% is INR 500-790/MT and Fe 61% is INR 790/MT. Fe 54% Fines/Lump price is INR 500/MT.
We anticipate a good response from buyers and most of the material should be sold out because prices are not high in comparison to last e-auction held in Nov’14. Sesa Sterlite, JSW Steel and Sponge iron plants based in Goa & Karnataka are expected to participate. Interest from exporters may not be strong as Spot Iron ore fines prices in China are quiet weak and owing to monsoon, they have may to wait until September to explore export viability.
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